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US Cent Ends In 2022 ?

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 Posted 10/21/2021  3:08 pm  Show Profile   Bookmark this reply Add nick10 to your friends list Get a Link to this Reply
If we had 1 mil coins, we could accurately pay $4.999 for a gallon of gas. That last mil to $5 is like what, half a drop?
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 Posted 10/21/2021  4:32 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
That last mil to $5 is like what, half a drop?
Supposedly there are anywhere between 15,000 to 75,000 drops in a gallon, so maybe a few drops at least.
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 Posted 10/22/2021  10:51 pm  Show Profile   Bookmark this reply Add merclover to your friends list Get a Link to this Reply
Do you realise how long it would take for Congress to decide as pass such a law doing away with cent coins? Ain't happening.
ça va bien aller

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 Posted 10/25/2021  10:59 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
A gallon of gas is 3,875 ml. At $4.999 per gallon it works out to about .76 ml per mill there are 20 drops in a ml so 15 drops. if your vehicle gets 10 miles to the gallon that enough to go about 139 feet. So on my motorcycle one mill of gas will take me about 520 feet.
Gary Schmidt
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 Posted 10/25/2021  11:51 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Do you realise how long it would take for Congress to decide as pass such a law doing away with cent coins?
Would not take long at all if they actually considered it which they will not because there is no benefit to them.


Quote:
A gallon of gas is 3,875 ml. At $4.999 per gallon it works out to about .76 ml per mill there are 20 drops in a ml so 15 drops. if your vehicle gets 10 miles to the gallon that enough to go about 139 feet. So on my motorcycle one mill of gas will take me about 520 feet.
Conder just... dropped... some knowledge.
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 Posted 10/25/2021  2:00 pm  Show Profile   Bookmark this reply Add BStrauss3 to your friends list Get a Link to this Reply
The mint could stop making them tomorrow, IF their customer stopped ordering them

https://www.law.cornell.edu/uscode/text/31/5112#a

31 U.S. Code § 5112(a)


Quote:
The Secretary of the Treasury may mint and issue only the following coins:
(6)except as provided under subsection (c) of this section, a one-cent coin that is 0.75 inch in diameter and weighs 3.11 grams.
(c)The Secretary may prescribe the weight and the composition of copper and zinc in the alloy of the one-cent coin that the Secretary decides are appropriate when the Secretary decides that a different weight and alloy of copper and zinc are necessary to ensure an adequate supply of one-cent coins to meet the needs of the United States.



May not Shall.
-----Burton
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 Posted 10/25/2021  2:44 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
The mint could stop making them tomorrow, IF their customer stopped ordering them
Yup. Because they travel in one direction.

Mint -> Fed -> Banks -> Stores -> Customer -> Trash.
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 Posted 10/26/2021  7:47 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
I've made that point before. It doesn't take legislation to end the cent, it just takes the Federal Reserve to stop ordering them. That's why they stopped making 2009 dime and five cent pieces in March of 2009, and why the didn't make any half dollars from 2001 to 2017, the Fed didn't order any so they stopped making them.
Gary Schmidt
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 Posted 10/27/2021  2:43 pm  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply
Just a few facts to consider:

1. The US Mint is self-funded, it is meant to be a profitable enterprise. It generates the funds it needs to strike circulation and collector/numismatic coins from the sale of its own products. This includes the seigniorage received from ALL circulation coins struck (as a group). This change began with the Mint's 1996 Fiscal Year. The Mint does not receive appropriations derived from tax payer money. The Mint's operations do not cost US taxpayers anything.

For those who are particularly curious, following is text from Public Law 104-52 which created the Fund that makes this happen (as it exists today):

There shall be established in the Treasury of the United States, a United States Mint Public Enterprise Fund (the "Fund") for fiscal year 1996 and hereafter: Provided, That all receipts from Mint operations and programs, including the production and sale of numismatic items, the production and sale of circulating coinage, the protection of Government assets, and gifts and bequests of property, real or personal shall be deposited into the Fund and shall be available without fiscal year limitations: Provided further, That all expenses incurred by the Secretary of the Treasury for operations and programs of the United States Mint that the Secretary of the Treasury determines, in the Secretary's sole discretion, to be ordinary and reasonable incidents of Mint operations and programs, and any expense incurred pursuant to any obligation or other commitment of Mint operations and programs that was entered into before the establishment of the Fund, shall be paid out of the Fund.

2. The US Mint makes an overall profit on the circulation coins it produces for the Federal Reserve. It may not make a profit on its cent production, but, overall, the seigniorage generated is a money-maker for the Mint. Confirmation of this can be found in the Mint's Financial Statements within its Annual Report.

3. I agree, the US Mint does strike coins to meet demand - no demand, no coins. So, I agree, if the Federal Reserve no longer ordered one cent coins (or any other denomination) the Mint would stop producing them. However, the Mint would need to be ready to produce more if an order was placed at some point in the future unless the US Congress enacted legislation that authorized the Secretary of the Treasury to discontinue the production of a given coin (like it did for the two-cent coin (among others) via the Coinage Act of 1871) or established a new roster of valid US coins.




Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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 Posted 10/27/2021  2:59 pm  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
Good break-down commems.
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 Posted 10/27/2021  3:08 pm  Show Profile   Check NumisRob's eBay Listings Bookmark this reply Add NumisRob to your friends list Get a Link to this Reply
As a foreigner, I think the main reason that one-cent coins are still required in the USA are because your sales tax is not shown on price tags but is added on at the till. So, unless you buy the same item regularly, you don't know exactly what the final cost will be and can't get the exact money ready. In the UK we still have 1p and 2p coins, but at least we can get the exact change ready as the price on the ticket is the price we pay - it always includes our Value Added Tax.

If sales tax was included on price tickets, and retailers rounded up or down most of their prices to the nearest 5c, there would be little need for the 1c coin.

I lived in France in the mid-to-late 1970s. In those days one French franc had roughly the same spending power as one US dollar today. For instance, an inland postage stamp cost 60 centimes, a specialist monthly magazine about 5 francs and a coffee about 2 or 3 francs. The lowest value coin in circulation was the 1 centime. However, the Monnaie de Paris had stopped minting them for circulation in 1970, when the cost of producing them began to exceed the face value. The coins were not demonetised (until the Euro came along in 2002) but gradually got rarer and rarer in circulation. Most shops rounded prices up or down to the nearest 5 centimes. The few shops that did still price items to the nearest centime often didn't keep centime coins in their tills and didn't give them in change. I don't remember anyone ever complaining about being short-changed by one or two centimes.
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 Posted 10/27/2021  3:20 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
As a foreigner, I think the main reason that one-cent coins are still required in the USA are because your sales tax is not shown on price tags but is added on at the till.
Unfortunately, too many people here believe that and use it to defend the cent...

I know I am a broken record, but sales taxes have nothing to do with the need for cents. Sales taxes are a percent, not cents, and are on the total purchase, not per item. We have half-percent and quarter-percent taxes in some places (e.g, 8.5% or 9.25%). There is no problem having those without the half-cent and never-ever-existed quarter-cent coins because of rounding, which will work just well to get around not having a cent coin, too.
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 Posted 10/31/2021  5:35 pm  Show Profile   Bookmark this reply Add atticguy to your friends list Get a Link to this Reply
OK. Two weeks have passed and at around 2:00am this morning I was watching the AVC Coin Show on TV and once again Steve Klimek stated that he found out about a month ago that the cents were being discontinued next year. This was NOT a re-run from the shows earlier this month. BTW, I HAVE read all the replies everyone has posted here too.

Here is what bothers me right now. If this guy had made an oops on TV two weeks ago I'm pretty sure someone would have mentioned it to him since then. Now I don't trust any of these snake oil salesmen any more than my prior wives, but he does look like a guy that wouldn't like to embarrass himself multiple times over the air repeatedly.

These TV dealers do have a much closer connection with the Mint than we collectors, so maybe he DID get a scoop from someone who knows more about this.
I'm thinking I'm just going to lay low for now and get back to this subject a year from now.
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 Posted 10/31/2021  6:44 pm  Show Profile   Bookmark this reply Add Zinc9307 to your friends list Get a Link to this Reply
I wish.
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 Posted 10/31/2021  6:48 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
To quote mark Twain - "Rumors of my death are greatly exaggerated".
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